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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Thursday, July 19, 2012

While reading the following article. I spewed coffee all over my keyboard. Here is Blankfein "teaching" us about how financial scandals undermine trust. He treats his audience with great contempt by ignoring that his bank has committed numerous frauds, been fined many, many times, is being sued for fraud on an ongoing basis and still continues to operate as though it were an honest enterprise. He is talking about how others undermine trust while at the same time ignoring his own part in undermining that same trust. Such hubris!

Sorry, Lloyd, but your business is not so much mysterious as it is predatory.

Just read about three years' worth of daily postings on this blog and you will really know how Goldman Sachs undermined and undermines trust in the financial system on a regular basis.

Goldman Sachs has learned it has to make more of an effort
to help the public understand its business, Blankfein said. When
Rubenstein asked if he has any aspiration to go into government
like many of his predecessors, Blankfein quipped: “I have
aspirations to be desired.”

He said he wants his legacy at Goldman Sachs to be about
leading the firm through strong years as well as in the
aftermath of the 2008 financial crisis.

Blankfein wants to “make sure that we prove ourselves
resilient and come out as a firm stronger on the other side
financially and in terms of the contributions we make and
frankly with an enhanced reputation with the general public,”
he said.

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

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